5 Mistakes to Avoid When Opening a Business

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  Opening a business can be an frightening journey filled with opportunities and challenges. However, numerous pitfalls can hinder your progress. Here are five critical mistakes to avoid when embarking on your entrepreneurial endeavor: Neglecting Market Research: One of the most common mistakes new entrepreneurs make is pitching into a business idea without thoroughly understanding the market. Failing to conduct comprehensive market research can lead to a disparity between your product or service and customer needs. Analyze the demand, competition, target audience, and current trends. Understand your customers' pain points, preferences, and purchasing behavior to tailor your offering accordingly. Ignoring a Solid Business Plan: A well-crafted business plan is a roadmap for success. Skipping or hastily drafting this crucial document can impede your business's growth. A solid plan outlines your objectives, target market, financial projections, marketing strategies, and op...

Mindful marketing: what it is and 5 ways to apply it to your business

Currently, companies face unprecedented challenges due to the high competitive level that surrounds them and the last moments of pressure and uncertainty experienced. To connect with the target audience and keep your business growing, marketing plays an essential role.

So the question is: what can they do to keep up with the growth? One of the options is to implement the principles of mindful marketing that I explain below.

Mindful marketing, what is this trend?

Mindful marketing, also known as "conscious marketing", comes from the term " mindfulness ", defined as a state of mind that is achieved by focusing consciousness on the present moment, the "here and now". At the same time, feelings, thoughts, and bodily sensations are calmly acknowledged and accepted. It is used as a therapeutic technique, as it helps to control anxiety and stress, to end insomnia and to promote creativity, among many other factors.

In the area of marketing, mindfulness helps us find solutions to society's problems and, more and more rapidly, society is moving from “mindless” consumption to “mindful” consumption .

Characteristics of mindful marketing

Mindful marketing is made up of 4 main characteristics:

1. The person as the central axis

Mindful marketing is a customer-centric approach, taking both sellers 'and buyers' interests into account at the same time. In addition, it looks for ways to create win-win strategies by carefully aligning marketing functions with consumer interests in mind .>

2. Social responsibility and respect for the environment

All actions have consequences, and mindful marketing wants to avoid being involved in wasteful, unethical and selfish marketing practices that can damage the environment around us or directly harm a social group. It seeks, with business acts, the collective social and environmental benefit .

3. The message matters, a lot!

One of the points that mindful marketing pursues is to connect with customers on an emotional level , and, to achieve this, one of the best ways is to do it through stories, through storytelling . Customers want companies that they can interact with as well as have fun. Therefore, you will be able to satisfy their desires by generating a connection with your clients through the stories.

4. The values and benefits

The values that surround mindful marketing are solidarity, empathy and conscious consumption . It seeks to align the values of the company with the product or service offered to the public to make the world a better place for all beings. But, all this, why should it apply? At a general level, the benefits that mindful marketing brings to companies are the combination of:

             More humanity

             More reputation

             More clients

5 keys to apply it to your business

1. Define well the business values that define your business

             It is important that you are clear about the values of your company. Knowing how to transmit them through your message and your product is a priority if you want to apply mindful marketing.

2. Understand and empathizes with your target audience

             Become aware of what the expectations of your ideal client are .

             Take into account the mindset of the audience on the digital / social platform "hosting" the conversation.

             Think of relationships and not transactions when engaging with your target audience.

3. Seek a collective impact with creative solutions

             Practice reciprocity, sharing knowledge and highlighting others.

             Teach and listen to learn. Refrain from yelling and selling.

             Look for the “deep acting” and not the “surface acting”.

             Unleash your imagination and creativity!

4. Be transparent and promote a relationship based on trust with your clients

             Use storytelling to tell how your company was founded, how the business idea came about and what values it has. This will create a relationship of proximity and trust between the brand and the public.

5. Set SMART goals to deliver real change

             Once you have established what are the values that identify you as a brand, it will be important for you to reflect and determine the final objective you want to pursue, the goal you want to achieve, in order to direct your marketing campaigns towards it (for example, caring for the environment). environment).

             When it comes to large-scale motivations (such as reducing pollution or offering job opportunities to people with fewer possibilities), it can be difficult to set goals appropriately. In these cases, use SMART objectives :

(S) Specific / Specific: as narrow as possible.

(M) Measurable / Measurable: that can be measured through statistics, with KPI indicators .

(A) Achievable / Achievable - It's okay to be ambitious, but it also has to be realistic.

(R) Relevant / Relevantes: Ask yourself why this objective can help your business.

(T) Time-bound / Temporal: think about how long these goals should be met.

 

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